course.

In fact an upward movement was taking place. Discounts rose from
$264,000,000 to $344,000,006 in 1848.

Banks increased from 691 in 1843 to 751 in 1848, and their capital grew
from $196,000,000 in 1846 to $207,000,000. The paper circulation rose
from $58,000,000 to $128,000,000 in 1848. Deposits from $62,000,000
reached $103,000,000 in 1848. The metallic reserve alone fell from
$49,000,000 in 1844 to $35,000,000 in 1848.

The consequences of the European panic were felt in America, but without
causing much trouble. The liquidation of the panic of 1839 was barely
over, and was still too recent to have permitted sufficient extension of
business.

Embarrassments were slight and brief; discounts, nevertheless, fell from
$344,000,000 to $332,000,000.

The store of bullion, in spite of the surplus and the favorable balance
produced by the export of grain to Europe, fell from $49,000,000 to
$35,000,000; with the following year the forward movement recommenced.

PANIC IN 1857.--The stoppage in 1848 was very brief. Discounts rose
regularly from $332,000,000 to $364,000,000, $413,000,000, $557,000,000,
$576,000,000, $634,000,000, and finally $684,000,000 in 1857. The
progression was irresistible. The circulation rose from $114,000,000 to
$214,000,000. The banks increased at such a rate that, from 707 in 1846,
with a capital of $196,000,000, there were in 1857 1416, whose capital
had risen to $370,000,000,--a very inferior figure, in comparison to